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Mexico
El Cubo - El Pinguico Project (El Cubo Complex) (El Cubo Complex)

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 Location:
7 km E from Guanajuato, Guanajuato, Mexico

  Project Contacts:
578 – 999 Canada Place
Vancouver
British Columbia, Canada
V6C 3E1
Phone  ...  Subscription required
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  • Overview
  • Owners
  • Geology
  • Mining
  • Processing
  • Production
  • Reserves
  • Costs & Financials
  • Fleet
  • Personnel
  • Filings & News

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Overview

StagePreliminary Economic Assessment
Mine TypeUnderground
Commodities
  • Gold
  • Silver
Mining Method
  • Resue mining
  • Mechanized Cut & Fill
Mine Life7 years (as of Jan 1, 2021)
April 12, 2021 - VanGold Mining Corp is pleased to announce it has closed the acquisition of the El Cubo Mine and Mill complex (the "El Cubo Complex") from Endeavour Silver Corp.

VanGold plans to operate the combined El Cubo and El Pinguico properties to provide feed to the El Cubo Mill.

VanGold is currently focused on refurbishing the El Cubo mill and commencing production from the combined El Cubo / El Pinguico operation.

GSilver (former VanGold) is providing an update on its progress to re-establish operations at its recently acquired El Cubo mine and mill located approximately 11 kilometers east of Guanajuato city, in central Mexico. The Company continues to target commercial production beginning in Q4 2021.


Owners

Source: p. 16
CompanyInterestOwnership
Guanajuato Silver Company, Ltd. 100 % Indirect
VanGold signed a binding LOI to acquire the El Cubo property on December 18, 2020, being in aggregate, a 100% interest in the El Cubo property. The purchase, upon completion, would include 49 mining concessions covering 6,995 hectares, surface lands totaling 1,196 hectares, the El Cubo Mill, and all buildings and other improvements. The El Pinguico property consists of two claims that have a combined 72 hectares of surface area. VanGold has title to the mining rights for the El Pinguico property through October 2029 for one of the claims and the mining rights through July 2030 for the other claim.

/June 9, 2021 / VanGold Mining Corp. (the "Company" or "VanGold") (TSXV:VGLD) (OTCQX:VGLDF) announces that reflective of the Company's new name, Guanajuato Silver Company Ltd. ("Guanajuato Silver"), at the market opening on Thursday June 10, 2021 the Company's shares will begin trading on the TSXV under the symbol GSVR and in the United States on the OTCQX market as GSVRF.

Contractors

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Deposit Type

  • Epithermal
  • Vein / narrow vein


Summary:

The Guanajuato Mining District is a world-class, high-grade, silver-gold, epithermal vein system with low sulfidation and adularia-sericite alteration. It is historically a well-known, studied, and documented mining district.

El Cubo mineralization is typical of the classic high-grade silver-gold, banded epithermal vein deposits with low sulfidation mineralization characterized by adularia-sericite-silica alteration. Silver occurs in dark sulfide-rich bands within the veins with little mineralization but significant alteration minerals in the surrounding wall rocks. Significant silver and gold bearing metallic minerals include argentite or acanthite (Ag 2 S), electrum (native Au/Ag), ruby silver sulfosalt minerals, such as pyrargyrite (Ag 3 SbS 3 ) and polybasite [(Ag/Cu) 6 (Sb,As) 2 S 7 ][Ag 9 CuS 4 ]), naumannite (Ag 2 S), native silver (Ag), native gold (Au), and aguilarite (Ag 4 SeS). Other metallic minerals include pyrite (FeS 2 ), galena (PbS), sphalerite (ZnS), and chalcopyrite (CuFeS 2 ). The silver sulfosalts are commonly found at depth while native silver is generally supergene and found in oxidized areas. As typical of these type systems, galena, sphalerite, and chalcopyrite are found deeper in the vein zones.

The silver rich veins, such as Villalpando, contain quartz, adularia, pyrite, argentite (acanthite), naumannite, and native gold. Gold rich veins, such as San Nicolas, contain quartz, pyrite, minor chalcopyrite and sphalerite, electrum, ........


Mining Methods

  • Resue mining
  • Mechanized Cut & Fill


Summary:

Mining method(s) proposed in the PEA have been used throughout Mexico and are well understood in the Guanajuato area. Mechanized cut-and-fill stoping using small load-haul-dump (LHD) machines and handheld jackleg drills would be the proposed method for the initial production from the underground operation. Other methods, such as long hole stoping or stull stoping, may be considered in the future; but for this PEA, only mechanized cut-and-fill, with some amount of resuing, would be considered. Resuing, combined with mechanized cut-and-fill, would allow selective mining in specific stopes amenable to specialized stoping techniques.

Proposed development methods for both El Pinguico and El Cubo would be conventional drill-blast muck using jumbos for drilling and LHDs and trucks for haulage. Ground support would be installed, as required.


Crushing and Grinding
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Processing

Flow Sheet: Subscription required

Summary:

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Projected Production:

CommodityUnitsLOM
Gold koz 6,626
Silver koz  ......  Subscription required
Silver Equivalent M oz  ......  Subscription required
All production numbers are expressed as metal in concentrate.

Operational Metrics:

Metrics
Daily ore mining rate  ......  Subscription required
Ore tonnes mined, LOM  ......  Subscription required
Plant annual capacity  ......  Subscription required
Daily processing capacity  ......  Subscription required
Tonnes processed, LOM  ......  Subscription required
Annual processing rate  ......  Subscription required
Annual ore mining rate  ......  Subscription required
* According to 2021 study.
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Reserves at January 31, 2021:

CategoryTonnage CommodityGradeContained Metal
Indicated 718,655 t Gold 1.9 g/t 43,915 oz
Indicated 718,655 t Silver 160 g/t 3,704,100 oz
Indicated 718,655 t Silver Equivalent 178 g/t
Inferred 1,453,000 t Gold 2.78 g/t 129,900 oz
Inferred 1,453,000 t Silver 214 g/t 10,004,000 oz
Inferred 1,453,000 t Silver Equivalent 435 g/t

Commodity Production Costs:

CommodityUnitsAverage
Assumed price Silver USD  ......  Subscription required&nbs
Assumed price Gold USD  ......  Subscription required&nbs
* According to 2021 study / presentation.
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Operating Costs:

Units2021
Processing costs ($/t milled) USD 14.3 *
G&A ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2021 study.
Subscription required - Subscription is required.

2021 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscription required
Sustaining CapEx $M USD  ......  Subscription required
Total CapEx $M USD  ......  Subscription required
UG OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 25.4
G&A costs $M USD 23.6
Total OpEx $M USD  ......  Subscription required
Mining Taxes $M USD  ......  Subscription required
Income Taxes $M USD  ......  Subscription required
Royalty payments $M USD  ......  Subscription required
Gross revenue (LOM) $M USD  ......  Subscription required
Net revenue (LOM) $M USD  ......  Subscription required
EBITDA (LOM) $M USD  ......  Subscription required
Net Income (LOM) $M USD  ......  Subscription required
After-tax Cash Flow (LOM) $M USD  ......  Subscription required
After-tax NPV @ 5% $M USD  ......  Subscription required
After-tax NPV @ 10% $M USD  ......  Subscription required
After-tax NPV @ 8% $M USD  ......  Subscription required
After-tax IRR, %  ......  Subscription required
After-tax payback period, years  ......  Subscription required
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Proposed Heavy Mobile Equipment as of January 31, 2021:
HME TypeSizeQuantity
Jumbo ....................... Subscription required
....................... Subscription required ....................... Subscription required ....................... Subscription required
....................... Subscription required ....................... Subscription required ....................... Subscription required
....................... Subscription required ....................... Subscription required ....................... Subscription required
....................... Subscription required ....................... Subscription required ....................... Subscription required
Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Jan 31, 2021
....................... Subscription required ....................... Subscription required Subscription required Jan 31, 2021
....................... Subscription required ....................... Subscription required Subscription required Nov 1, 2022
Subscription required - Subscription is required.

Staff:

Total WorkforceYear
Subscription required 2021

Corporate Filings & Presentations:

DocumentYear
................................... Subscription required 2021
Subscription required - Subscription is required.

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